As you read this, EMCOR’s dedicated 26,000+ workforce is busy building, powering, servicing and protecting thousands of facilities, structures and many other types of environments across the United States and the United Kingdom. Real people are making a real difference every day.

This deep and collective commitment is what we call…

EMCOR NATION

2012 Annual Report
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Financial Highlights
10K Statement
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To Our Shareholders

Anthony J. Guzzi
Anthony J. Guzzi President & CEO

Our 2012 financial results show the success we have had in growing earnings and generating growth in this challenging environment.

EMCOR continues to deliver for its customers, employees and shareholders. 26,000 dedicated employees who focus on execution and results make EMCOR a special company. EMCOR thrives when we bring our disciplined and results-orientated approach to the thousands of service and installation opportunities we execute for our customers every year. This annual report shows the breadth and depth of EMCOR as we serve customers and sectors as diverse as refineries, healthcare, retail, commercial offices, military, power plants and data centers across this nation in the most demanding environments and circumstances. Our successful execution of project and service opportunities for these customers position us for future growth across all our businesses and markets served. We work every day to earn our customers’ trust and, as a result, their business.

Our disciplined and results-orientated approach shows through in our safety record, our financial results and our commitment to the character and competence of our leaders. EMCOR has an industry leading safety record. It is our ethos to provide a safe environment for our employees. We have an industry leading recordable incident rate of 1.32 an improvement of 3 fold from 10 years ago. Our hours worked have increased from 51.9 million to 57.5 million over the last 10 years but our number of recordable injuries has dropped from 1,197 to 380. We never expect our skilled tradespeople to execute a task without the right training, right leadership and the correct equipment. We will never stop until we have zero recordable injuries — we do not accept that “injuries just sometimes happen.” Our front-line supervision owns our safety results and this focus builds from them to our local CEOs and business unit leadership and ends with our Board and me.

Our 2012 financial results show the success we have had in growing earnings and generating growth in this challenging environment. In 2012, we generated operating margins of 3.9 percent and grew revenues by 13.1 percent. Our cash flow of $184.4 million at 126 percent of net income shows that despite strong growth we can still manage our balance sheet in a disciplined and responsible manner. We have an industry leading margins at 6.4 percent in our construction business. Our EFS business grew by 14.3 percent and improved operating earnings by 19.1 percent. Our EFS operating margins improved from 3.4 to 3.6 percent but this slight improvement masks a very strong improvement in the second half of the year as margins expanded by 200 basis points to 4.6 percent from the first half of 2012. We are not satisfied by this performance in EFS and expect to realize 5 percent operating margins on a sustained basis if current market conditions continue and we continue to have success in EFS’ Industrial Service business. We hope to accomplish this result in the next 18 months.

We want to build the best leaders at EMCOR and have embarked on a journey to train them through our vigorous Leadership and Ethics program. I will lead the top 200 leaders of EMCOR through an intensive 3-day training program with the Thayer Leader Development Group at West Point. We have already trained 100 people and the results are encouraging. Our goal is to have our people led by individuals with the highest competence and character. Our focus is on re-grounding our executives in the fundamentals of successful leadership. We want strong local, regional and national leaders who do not take shortcuts and lead our people well. This has been key to our past success and serves as a cornerstone of our future success. Skilled and entrepreneurial leaders make EMCOR what it is today and are fundamental to our long-term ability to build value for our owners.

We appreciate the confidence you show in us by choosing EMCOR as one of your investments. We will work hard to continue to reward your confidence.

Anthony J. Guzzi

The photos featured throughout this Annual Report were submitted by actual EMCOR employees – sharing their day-to-day experiences serving customers across this great nation, and beyond.

NATHAN SWINEHART
S.A. Comunale
State College, PA
S.A. Comunale is a respected leader in the fire protection services and mechanical contracting industries. With a long-standing reputation for high quality work and excellent service, S.A. Comunale performs design/build/installation projects — like this sophisticated sprinkler system being installed in a new 200,000-square-foot hockey arena that will seat 6,000.
JUAN HERRERA
Dynalectric
Miramar, FL
Since 1978, Dynalectric Florida has offered its customers seamless specialty contracting solutions — including mechanical and electrical construction, energy infrastructure, and facilities services. Below, the team installs temporary medium-voltage electrical service for a tunnel boring machine.
STEPHANIE TRAPP
Dynalectric
Denver, CO
Dynalectric Colorado has been an electrical powerhouse in the state since 1951. As a seasoned electrical contractor in the commercial, industrial and highway electrical services sectors 321, Dynalectric delivers electrical construction engineering and design/build services and technological leadership. Here the team poses at the site of an electrical duct bank for a new light rail system.
JASON CLAY
Dynalectric
Los Angeles, CA
Dynalectric Los Angeles brings nearly 60 years of experience to the table in the electrical construction and control systems integration markets. For that reason, and many others, Dynalectric was entrusted with building a temporary housing structure for the Space Shuttle Endeavor's transportation to the Science Center in Los Angeles.
MITCHELL MAILMAN
Welsbach Electric
Long Island, NY
Welsbach Electric has been specializing in outdoor electrical construction and maintenance for the New York metropolitan area for over a century. It’s that kind of expertise that was essential to restoring power to hundreds of thousands of businesses and residents after Superstorm Sandy in October 2012.
Ron Lewis
EMCOR Government Services
Portland, OR
EMCOR and a joint-venture partner teamed up to provide this state-of-the-art traveling fire protection facility. It’s engineered so fires can be created inside – ideal for real-world training. In the photo below, the fire department training trailer is being transported from one naval base to another.
BRIAN THOMAS
Building Technology Engineers
Boston, MA
BTE offers 60+ years of experience performing a broad range of facilities services – from equipment repair and replacement to preventive maintenance and facility operations. BTE is replacing 26-year-old outside air and return-air dampers with newer, more energy-efficient models.
JOE KOPKO
Scalise Industries
Pittsburgh, PA
As Safety Director at Scalise, Joe helps to prepare for the Pink Hard Hat Event held in October – part of EMCOR’s ongoing support to increase breast cancer awareness. At this site, Scalise provides mechanical construction services for an open-air retail, office, entertainment and residential complex.
ELIOT WEISS
Harry Pepper & Associates
Palm Beach, FL
Harry Pepper is recognized for superior MEP construction and design-build capabilities throughout Florida. With over 500 projects completed since 1918, here the team collaborates on the restoration of the Dike Culverts of Lake Okeechobee in South Florida.
KEVIN DIELMANN
Ohmstede
Corpus Christi, TX
Ohmstede is the only company that offers fully integrated turnaround and specialty maintenance services with state-of-the-art shell and tube heat exchanger fabrication and repair – all under one roof. Shipping 170,000-pound new heat exchangers to major oil refiners is just one way this EMCOR company gets the job done.
CLAUDE RICE
Bahnson, Inc.
Charlotte, NC
Bahnson is a nationally recognized specialty engineering, manufacturing, and mechanical contracting firm that guarantees system quality, performance and reliability. Installing custom diesel generator exhaust stacks is a specialty of Bahnson.
KAREN WINGFIELD
USM
Honolulu, HI
Nationwide, USM knows maintenance “inside and out” — from janitorial services and snow removal to landscaping services and floor care. Field training is an ongoing and essential part of the USM commitment, as seen here at a retail client for a course in real-world scenarios.
CHAD JOHNSTON
Marelich Mechanical
San Leandro, CA
Marelich Mechanical provides a unique combination of professional expertise, leading-edge technologies, and end-to-end mechanical solutions that extend from design/build to expert HVAC systems installation – the way it’s been for nearly 80 years. Below: construction of a new hospital, hospital support building, and central utility plant.

Board of Directors

Frank T. MacInnis
Chairman of the Board of EMCOR Group, Inc. and Chairman of the Boards of The Williams Companies, an integrated natural gas company, and ITT Corporation, a manufacturer of highly engineered components and customized technology solutions for industrial end-markets in energy infrastructure, electronics, aerospace and transportation
Stephen W. Bershad
Private Investor and Chairman of the Board of GSI Group, Inc., a supplier of laser based solutions and precision motion control systems to the global medical, electronics and industrial markets
David A. B. Brown
Chairman of the Board of Layne Christensen Company, a provider of drilling services and related products and services in the principal markets of water resources, mineral exploration, geo construction and energy
Larry J. Bump
Private Investor and former Chairman of the Board of Willbros Group, Inc., an international engineering and construction company
Albert Fried, Jr.
Managing Member of Albert Fried & Company, LLC, a broker/dealer and member of the New York Stock Exchange
Anthony J. Guzzi
President and Chief Executive Officer of EMCOR Group, Inc.
Richard F. Hamm, Jr.
Managing member of Siesta Properties LLC, a real estate development company
David H. Laidley
Chairman Emeritus, Deloitte LLP (Canada), a professional services firm providing audit, tax, financial advisory and consulting services
Jerry E. Ryan
Former Owner and past Chairman of the Board and CEO of Fintube Limited Partnership, a manufacturer of recovery steam generators and finned tubes
Michael T. Yonker
Former President and Chief Executive Officer of Portec, Inc., a diversified industrial products company

Corporate Officers

Anthony J. Guzzi
President and Chief Executive Officer
Mark A. Pompa
Executive Vice President and Chief Financial Officer
Sheldon I. Cammaker, Esq.
Executive Vice President, General Counsel and Corporate Secretary
R. Kevin Matz
Executive Vice President, Shared Services
David M. Copley
Vice President, Safety and Quality Management
Paul J. Fracassini
Vice President and Controller
Lisa H. Haight
Vice President, Human Resources
Mava K. Heffler
Vice President, Marketing and Communications
Maxine Lum Mauricio
Vice President and Deputy General Counsel
Anthony R. Triano
Vice President, Integrated Services
Joseph A. Serino
Treasurer

Network of Operations

Corporate Headquarters
EMCOR Group, Inc. Norwalk, Connecticut, USA
UK Headquarters
EMCOR Group (UK) plc London, England, UK
Business Headquarters
EMCOR Construction Services Norwalk, CT
EMCOR Services Norwalk, CT
EMCOR Customer Solutions Center Phoenix, AZ
EMCOR Energy Services Norwalk, CT
EMCOR Facilities Services Cincinnati, OH
EMCOR Government Services Arlington, VA
EMCOR Industrial Services Beaumont, TX
EMCOR Mechanical Services Chicago, IL
Locations
For a complete list of EMCOR Group businesses and locations, please click here.

Comparative Five-Year Total Returns

Five-Year Returns

For more information, visit EMCORGroup.com

Common Stock Transfer Agent and Registrar
Computershare
Shareowner Services
P.O. Box 358015
Pittsburgh, PA 15252-8015
800.524.4458
Independent Auditors
Ernst & Young LLP
300 First Stamford Place
Stamford, CT 06902
New York Stock Exchange Information
The Common Stock of EMCOR Group, Inc. is traded on the New York Stock Exchange under the symbol “EME”.
Additional copies of the Company’s Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission are available without charge upon written request to:
Investor Relations
EMCOR Group, Inc.
301 Merritt Seven
Norwalk, CT 06851